2
2 THANK YOU FOR COMING! The key to changing the world is changing the climate of opinion about what works and what does not work in creating prosperity and other positive outcomes The key to changing the climate of opinion is providing the widest possible audience with good information about the causes of development and under-development

3
3 It is a pleasure and an honour to be here I would like to thank Salem Al Ismaily, Executive President of the Omani Center for Investment Promotion and Export Development, and Azzan Al Busaidi, CEO of the International Research Foundation of Oman, for inviting me and congratulate both on the great work they are doing for Oman and worldwide in providing the best possible information here and internationally.

4
4 What is Economic Freedom Individuals have economic freedom when property they acquire without the use of force, fraud, or theft is protected from physical invasions by others and they are free to use, exchange, or give their property as long as their actions do not violate the identical rights of others. An index of economic freedom should measure the extent to which rightly acquired property is protected and individuals are engaged in voluntary transactions. James Gwartney et al. 1996

5
5 Why is economic freedom important People are the best positioned to make choices for themselves and their family. With voluntary economic agreements, everyone gains. This dynamic spreads through the economy and generates prosperity and hope A quick peak at the top and bottom 10.

6
6 Income (per person) of the Top 10 Sources: The Fraser Institute; The World Bank, World Development Indicators CD-ROM, 2007.

7
7 Income (per person) of the Bottom Ten Income (per person) of the Bottom Ten Sources: The Fraser Institute; The World Bank, World Development Indicators CD-ROM, 2007.

8
8 Economic Freedom of the World Project Objective: find a way to measure economic freedom and explore the connection between it and other variables 20 year project Led by the late Milton Friedman, Rose Friedman and Michael Walker Involved 60 of the worlds top scholars

9
9 The Economic Freedom of the World Index u An annual compilation of data representing factors which make a country economically free u Authors: James Gwartney and Robert Lawson u A compendium of 42 variables affecting economic freedom based on objective data or independent surveys u A ranking of 141 countries representing 95% of the worlds population according to the extent to which they permit their citizens to be economically free u Now a collaboration of Institutes in 71 different countries

10
10 How is Economic Freedom Measured And what the measurements mean Size of government and taxation Private property and the rule of law Soundness of Money Trade regulation and tariffs Regulation of business, labour and capital markets

22
22 Oman and the World Oman is one of the worlds top 20 economically free nations Oman and the UAE are essentially tied as the freest nations in the Arab world Oman is well ahead of the world average

23
23 Economic Freedom: The World Economic Freedom: The World Source: The Fraser Institute. Oman

32
32 Omans Achievement: Focus on the legal system Single most important factor for economic freedom – Property rights and contracting particularly important for economic growth Institutional improvement is the greatest challenge faced by all nations Oman has great achievements – Leads the Arab world and the vast majority of other nations including France and Belgium

42
42 % of Population Using Improved Water Sources Least Free …………….. Most Free Sources: The Fraser Institute; The World Bank, World Development Indicators CD-ROM, 2007.

43
43 Economic Freedom lays the foundation for the natural evolution of other freedoms and democracy over time

44
44 Economic Freedom and Political Rights Lower ratings indicate higher level of political rights Least Free ……………. Most Free Sources: The Fraser Institute; Freedom House, Freedom in the World Country Ratings, 1972 through 2005, available at http://www.freedomhouse.org/.

48
48 Increasing economic freedom Reduce Size of Government – High government consumption (35.5% of total consumption) can crowd out private sector initiatives and reduce economic freedom

49
49 Increasing economic freedom Legal structure: Omans achievements are great but improvements are possible – Legal enforcement of contracts (6.4 out of 10) should be more certain and timely

50
50 Oman has a bright future Oman already has high achievement in economic freedom Oman has steadily increased its economic freedom Far-sighted leaders like Salem and Azzan and many others are committed to increasing the economic freedom and well- being of Omanis.

51
51Conclusions Economic Freedom Increases prosperity for all Reduces poverty Increases other freedoms Improves quality of life All this can be seen in todays data and lessons from history

About project

Feedback

To ensure the functioning of the site, we use cookies. We share information about your activities on the site with our partners and Google partners: social networks and companies engaged in advertising and web analytics. For more information, see the Privacy Policy and Google Privacy &amp Terms.
Your consent to our cookies if you continue to use this website.